22. Condensed Consolidating Financial Information

Our $1,050 million aggregate principal amount of senior unsecured notes co-issued by Genesis Energy, L.P. and Genesis Energy Finance Corporation are fully and unconditionally guaranteed jointly and severally by all of Genesis Energy, L.P.’s current and future 100% owned domestic subsidiaries, except Genesis Free State Pipeline, LLC, Genesis NEJD Pipeline, LLC and certain other minor subsidiaries. Genesis NEJD Pipeline, LLC is 100% owned by Genesis Energy, L.P., the parent company. The remaining non-guarantor subsidiaries are owned by Genesis Crude Oil, L.P., a guarantor subsidiary. Genesis Energy Finance Corporation has no independent assets or operations. See Note 10 for additional information regarding our consolidated debt obligations.

The following is condensed consolidating financial information for Genesis Energy, L.P. and subsidiary guarantors:



Condensed Consolidating Balance Sheet
December 31, 2014

	Genesis Energy, L.P. (Parent and Co-Issuer)		Genesis Energy Finance Corporation (Co-Issuer)		Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Genesis Energy, L.P. Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	9	$	—	$	8,352		$	1,101		$	—		$	9,462
Other current assets	1,378,573		—		327,819			51,781			(1,412,269		)	345,904
Total current assets	1,378,582		—		336,171			52,882			(1,412,269		)	355,366
Fixed Assets, at cost	—		—		1,781,158			117,900			—			1,899,058
Less: Accumulated depreciation	—		—		(245,548		)	(22,509		)	—			(268,057		)
Net fixed assets	—		—		1,535,610			95,391			—			1,631,001
Goodwill	—		—		325,046			—			—			325,046
Other assets, net	28,421		—		269,252			146,700			(154,192		)	290,181
Equity investees and other investments	—		—		628,780			—			—			628,780
Investments in subsidiaries	1,434,255		—		126,035			—			(1,560,290		)	—
Total assets	$	2,841,258	$	—	$	3,220,894		$	294,973		$	(3,126,751	)	$	3,230,374
LIABILITIES AND PARTNERS’ CAPITAL
Current liabilities	$	11,016	$	—	$	1,751,548		$	13,013		$	(1,412,432	)	$	363,145
Senior secured credit facilities	550,400		—		—			—			—			550,400
Senior unsecured notes	1,050,639		—		—			—			—			1,050,639
Deferred tax liabilities	—		—		18,754			—			—			18,754
Other liabilities	—		—		15,082			157,172			(154,021		)	18,233
Total liabilities	1,612,055		—		1,785,384			170,185			(1,566,453		)	2,001,171
Partners’ capital	1,229,203		—		1,435,510			124,788			(1,560,298		)	1,229,203
Total liabilities and partners’ capital	$	2,841,258	$	—	$	3,220,894		$	294,973		$	(3,126,751	)	$	3,230,374



Condensed Consolidating Balance Sheet
December 31, 2013

	Genesis Energy, L.P. (Parent and Co-Issuer)		Genesis Energy Finance Corporation (Co-Issuer)				Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Genesis Energy, L.P. Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	20	$	—			$	8,061		$	785		$	—		$	8,866
Other current assets	1,133,695		—				498,230			54,199			(1,159,767		)	526,357
Total current assets	1,133,715		—				506,291			54,984			(1,159,767		)	535,223
Fixed Assets, at cost	—		—				1,211,356			116,618			—			1,327,974
Less: Accumulated depreciation	—		—				(181,905		)	(17,325		)	—			(199,230		)
Net fixed assets	—		—				1,029,451			99,293			—			1,128,744
Goodwill	—		—				325,046			—			—			325,046
Other assets, net	21,432		—				238,282			152,413			(159,185		)	252,942
Equity investees and other investments	—		—				620,247			—			—			620,247
Investments in subsidiaries	1,236,164		—				124,718			—			(1,360,882		)	—
Total assets	$	2,391,311	$	—	$	—	$	2,844,035		$	306,690		$	(2,679,834	)	$	2,862,202
LIABILITIES AND PARTNERS’ CAPITAL
Current liabilities	$	10,002	$	—			$	1,576,186		$	19,660		$	(1,159,295	)	$	446,553
Senior secured credit facilities	582,800		—				—			—			—			582,800
Senior unsecured notes	700,772		—				—			—			—			700,772
Deferred tax liabilities	—		—				15,944			—			—			15,944
Other liabilities	—		—				14,664			162,739			(159,007		)	18,396
Total liabilities	1,293,574		—				1,606,794			182,399			(1,318,302		)	1,764,465
Partners' capital	1,097,737		—				1,237,241			124,291			(1,361,532		)	1,097,737
Total liabilities and partners’ capital	$	2,391,311	$	—			$	2,844,035		$	306,690		$	(2,679,834	)	$	2,862,202



Condensed Consolidating Statement of Operations
Year Ended December 31, 2014

	Genesis Energy, L.P. (Parent and Co-Issuer)			Genesis Energy Finance Corporation (Co-Issuer)		Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Genesis Energy, L.P. Consolidated
REVENUES:
Pipeline transportation services	$	—		$	—	$	61,221		$	25,232		$	—		$	86,453
Refinery services	—			—		202,250			18,289			(13,138		)	207,401
Marine transportation	—			—		229,282			—			—			229,282
Supply and logistics	—			—		3,312,273			107,752			(96,997		)	3,323,028
Total revenues	—			—		3,805,026			151,273			(110,135		)	3,846,164
COSTS AND EXPENSES:
Supply and logistics costs	—			—		3,264,327			109,722			(96,997		)	3,277,052
Marine transportation costs	—			—		142,793			—			—			142,793
Refinery services operating costs	—			—		117,788			17,393			(13,780		)	121,401
Pipeline transportation operating costs	—			—		29,111			1,656			—			30,767
General and administrative	—			—		50,572			120			—			50,692
Depreciation and amortization	—			—		85,696			5,212			—			90,908
Total costs and expenses	—			—		3,690,287			134,103			(110,777		)	3,713,613
OPERATING INCOME	—			—		114,739			17,170			642			132,551
Equity in earnings of equity investees	—			—		43,135			—			—			43,135
Equity in earnings of subsidiaries	172,828			—		1,857			—			(174,685		)	—
Interest (expense) income, net	(66,626		)	—		15,662			(15,675		)	—			(66,639		)
Income before income taxes	106,202			—		175,393			1,495			(174,043		)	109,047
Income tax benefit (expense)	—			—		(3,030		)	185			—			(2,845		)
Income from continuing operations	106,202			—		172,363			1,680			(174,043		)	106,202
NET INCOME	$	106,202		$	—	$	172,363		$	1,680		$	(174,043	)	$	106,202



Condensed Consolidating Statement of Operations
Year Ended December 31, 2013

	Genesis Energy, L.P. (Parent and Co-Issuer)			Genesis Energy Finance Corporation (Co-Issuer)		Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Genesis Energy, L.P. Consolidated
REVENUES:
Pipeline transportation services	$	—		$	—	$	60,748		$	25,760		$	—		$	86,508
Refinery services	—			—		203,021			17,835			(14,871		)	205,985
Marine transportation	—			—		152,542			—			—			152,542
Supply and logistics	—			—		3,669,241			152,460			(131,906		)	3,689,795
Total revenues	—			—		4,085,552			196,055			(146,777		)	4,134,830
COSTS AND EXPENSES:
Supply and logistics costs	—			—		3,637,492			143,742			(131,906		)	3,649,328
Marine transportation costs	—			—		104,676			—			—			104,676
Refinery services operating costs	—			—		128,814			16,873			(14,398		)	131,289
Pipeline transportation operating costs	—			—		25,827			1,379			—			27,206
General and administrative	—			—		46,670			120			—			46,790
Depreciation and amortization	—			—		60,383			4,401			—			64,784
Total costs and expenses	—			—		4,003,862			166,515			(146,304		)	4,024,073
OPERATING INCOME	—			—		81,690			29,540			(473		)	110,757
Equity in earnings of equity investees	—			—		22,675			—			—			22,675
Equity in earnings of subsidiaries	134,616			—		13,399			—			(148,015		)	—
Interest (expense) income, net	(48,507		)	—		16,080			(16,156		)	—			(48,583		)
Income before income taxes	86,109			—		133,844			13,384			(148,488		)	84,849
Income tax benefit (expense)	—			—		(676		)	(169		)	—			(845		)
Income from continuing operations	86,109			—		133,168			13,215			(148,488		)	84,004
Income from discontinued operations	—			—		2,105			—			—			2,105
NET INCOME	$	86,109		$	—	$	135,273		$	13,215		$	(148,488	)	$	86,109



Condensed Consolidating Statement of Operations
Year Ended December 31, 2012

	Genesis Energy, L.P. (Parent and Co-Issuer)			Genesis Energy Finance Corporation (Co-Issuer)		Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Genesis Energy, L.P. Consolidated
REVENUES:
Pipeline transportation services	$	—		$	—	$	50,106		$	26,184		$	—		$	76,290
Refinery services	—			—		192,083			19,999			(16,065		)	196,017
Marine transportation	—			—		118,204			—			—			118,204
Pipeline transportation services	—			—		2,951,500			135,013			(109,663		)	2,976,850
Total revenues	—			—		3,311,893			181,196			(125,728		)	3,367,361
COSTS AND EXPENSES:
Supply and logistics costs	—			—		2,913,127			120,280			(109,661		)	2,923,746
Marine transportation costs	—			—		80,547			—			—			80,547
Refinery services operating costs	—			—		120,095			19,489			(16,107		)	123,477
Pipeline transportation operating costs	—			—		21,000			894			—			21,894
General and administrative	—			—		41,715			122			—			41,837
Depreciation and amortization	—			—		57,386			3,764			—			61,150
Total costs and expenses	—			—		3,233,870			144,549			(125,768		)	3,252,651
OPERATING INCOME	—			—		78,023			36,647			40			114,710
Equity in earnings of equity investees	—			—		14,345			—			—			14,345
Equity in earnings of subsidiaries	137,151			—		20,547			—			(157,698		)	—
Interest (expense) income, net	(40,832		)	—		16,500			(16,591		)	—			(40,923		)
Income before income taxes	96,319			—		129,415			20,056			(157,658		)	88,132
Income tax benefit	—			—		8,903			302			—			9,205
Income from continuing operations	96,319			—		138,318			20,358			(157,658		)	97,337
Loss from discontinued operations	—			—		(1,018		)	—			—			(1,018		)
NET INCOME	96,319			—		137,300			20,358			(157,658		)	96,319



Condensed Consolidating Statement of Cash Flows
Year Ended December 31, 2014

	Genesis Energy, L.P. (Parent and Co-Issuer)			Genesis Energy Finance Corporation (Co-Issuer)		Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Genesis Energy, L.P. Consolidated
Net cash (used in) provided by operating activities	$	(148,008	)	$	—	$	589,643		$	8,336		$	(158,917	)	$	291,054
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments to acquire fixed and intangible assets	—			—		(442,173		)	(1,309		)	—			(443,482		)
Cash distributions received from equity investees - return of investment	42,755			—		18,363			—			(42,755		)	18,363
Investments in equity investees	(225,725		)	—		(40,926		)	—			225,725			(40,926		)
Acquisitions	—			—		(157,000		)	—			—			(157,000		)
Repayments on loan to non-guarantor subsidiary	—			—		4,993			—			(4,993		)	—
Proceeds from asset sales	—			—		272			—			—			272
Other, net	—			—		(1,214		)	—			—			(1,214		)
Net cash used in investing activities	(182,970		)	—		(617,685		)	(1,309		)	177,977			(623,987		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on senior secured credit facility	1,839,900			—		—			—			—			1,839,900
Repayments on senior secured credit facility	(1,872,300		)	—		—			—			—			(1,872,300		)
Proceeds from issuance of senior unsecured notes, including premium	350,000			—		—			—			—			350,000
Debt issuance costs	(11,896		)	—		—			—			—			(11,896		)
Issuance of common units for cash, net	225,725			—		225,725			—			(225,725		)	225,725
Distributions to partners/owners	(200,461		)	—		(200,462		)	(1,252		)	201,714			(200,461		)
Other, net	(1		)	—		3,070			(5,459		)	4,951			2,561
Net cash provided by financing activities	330,967			—		28,333			(6,711		)	(19,060		)	333,529
Net increase (decrease) in cash and cash equivalents	(11		)	—		291			316			—			596
Cash and cash equivalents at beginning of period	20			—		8,061			785			—			8,866
Cash and cash equivalents at end of period	$	9		$	—	$	8,352		$	1,101		$	—		$	9,462



Condensed Consolidating Statement of Cash Flows
Year Ended December 31, 2013

	Genesis Energy, L.P. (Parent and Co-Issuer)			Genesis Energy Finance Corporation (Co-Issuer)		Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Genesis Energy, L.P. Consolidated
Net cash (used in) provided by operating activities	$	(280,155	)	$	—	$	547,333		$	6,246		$	(135,038	)	$	138,386
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments to acquire fixed and intangible assets	—			—		(332,024		)	(11,095		)	—			(343,119		)
Cash distributions received from equity investees - return of investment	23,963			—		12,432			—			(23,963		)	12,432
Investments in equity investees	(263,574		)	—		(94,551		)	—			263,574			(94,551		)
Acquisitions	—			—		(230,880		)	—			—			(230,880		)
Repayments on loan to non-guarantor subsidiary	—			—		4,512			—			(4,512		)	—
Proceeds from assets sales	—			—		1,910			—			—			1,910
Other, net	—			—		(1,622		)	—			—			(1,622		)
Net cash used in investing activities	(239,611		)	—		(640,223		)	(11,095		)	235,099			(655,830		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on senior secured credit facility	1,593,300			—		—			—			—			1,593,300
Repayments on senior secured credit facility	(1,510,500		)	—		—			—			—			(1,510,500		)
Proceeds from issuance of senior unsecured notes, including premium	350,000			—		—			—			—			350,000
Debt issuance costs	(8,157		)	—		—			—			—			(8,157		)
Issuance of ownership interests to partners for cash	263,574			—		263,574			—			(263,574		)	263,574
Distributions to partners/owners	(168,441		)	—		(168,441		)	9,401			159,040			(168,441		)
Other, net	—			—		(5,396		)	(3,825		)	4,473			(4,748		)
Net cash provided by (used in) financing activities	519,776			—		89,737			5,576			(100,061		)	515,028
Net increase (decrease) in cash and cash equivalents	10			—		(3,153		)	727			—			(2,416		)
Cash and cash equivalents at beginning of period	10			—		11,214			58			—			11,282
Cash and cash equivalents at end of period	$	20		$	—	$	8,061		$	785		$	—		$	8,866



Condensed Consolidating Statement of Cash Flows
Year Ended December 31, 2012

	Genesis Energy, L.P. (Parent and Co-Issuer)			Genesis Energy Finance Corporation (Co-Issuer)		Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Genesis Energy, L.P. Consolidated
Net cash (used in) provided by operating activities	$	(70,083	)	$	—	$	362,855		$	25,186		$	(128,654	)	$	189,304
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments to acquire fixed and intangible assets	—			—		(137,362		)	(9,094		)	—			(146,456		)
Cash distributions received from equity investees - return of investment	27,878			—		14,909			—			(27,878		)	14,909
Investments in equity investees	(169,421		)	—		(63,749		)	—			169,421			(63,749		)
Acquisitions	—			—		(205,576		)	—			—			(205,576		)
Repayments on loan to non-guarantor subsidiary	—			—		4,078			—			(4,078		)	—
Proceeds from asset sales	—			—		773			—			—			773
Other, net	—			—		(1,557		)	49			—			(1,508		)
Net cash used in investing activities	(141,543		)	—		(388,484		)	(9,045		)	137,465			(401,607		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on senior secured credit facility	1,674,400			—		—			—			—			1,674,400
Repayments on senior secured credit facility	(1,583,700		)	—		—			—			—			(1,583,700		)
Proceeds from issuance of senior unsecured notes	101,000			—		—			—			—			101,000
Debt issuance costs	(7,105		)	—		—			—			—			(7,105		)
Issuance of ownership interests to partners for cash	169,421			—		169,421			—			(169,421		)	169,421
Distributions to partners/owners	(142,383		)	—		(142,383		)	(14,183		)	156,566			(142,383		)
Other, net	—			—		623			(3,532		)	4,044			1,135
Net cash provided by financing activities	211,633			—		27,661			(17,715		)	(8,811		)	212,768
Net increase in cash and cash equivalents	7			—		2,032			(1,574		)	—			465
Cash and cash equivalents at beginning of period	3			—		9,182			1,632			—			10,817
Cash and cash equivalents at end of period	$	10		$	—	$	11,214		$	58		$	—		$	11,282